Elite Wealth Management Inc. Has $1.05 Million Stake in Ferrari (NYSE:RACE)

Elite Wealth Management Inc. boosted its position in shares of Ferrari (NYSE:RACE) by 7.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,581 shares of the company’s stock after acquiring an additional 172 shares during the period. Ferrari accounts for 0.0% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 23rd biggest holding. Elite Wealth Management Inc.’s holdings in Ferrari were worth $1,054,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Contravisory Investment Management Inc. lifted its holdings in Ferrari by 4.6% in the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock valued at $212,000 after buying an additional 23 shares during the period. First Citizens Bank & Trust Co. raised its stake in Ferrari by 3.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after acquiring an additional 25 shares during the period. Columbia Asset Management lifted its stake in shares of Ferrari by 1.8% during the 2nd quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after buying an additional 25 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Ferrari by 12.5% during the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock worth $101,000 after acquiring an additional 27 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Ferrari by 5.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock worth $240,000 after buying an additional 28 shares in the last quarter.

Ferrari Price Performance

Shares of RACE stock opened at $473.66 on Friday. The company’s 50-day simple moving average is $449.81 and its two-hundred day simple moving average is $429.56. Ferrari has a one year low of $285.02 and a one year high of $498.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company posted $1.99 EPS. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Ferrari will post 8.71 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. UBS Group increased their price target on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Morgan Stanley lifted their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Ferrari currently has a consensus rating of “Moderate Buy” and an average price target of $481.67.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.